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problem: Acme Corporation had a January 1, balance in its Allowance for Doubtful Accounts of $7,000 for the current year. The following transactions & events affected the Allowance for Doubtful Accounts during current year:

15 Apr Brad's account receivable of $5,700 was deemed uncollectible.

1 July Drake paid full amount of a previously written-off account receivable. This receivable of $2,300 had been written off in prior year.

31 Dec Bad debts expense of $7,500 was recorded.

[A] Find the amount, should appear in the allowance for doubtful accounts in the December 31, balance sheet for the current year?

[B] How are direct prepare-off method and the allowance method applied in accounting for uncollectible accounts receivables? Please describe your answer.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M923461

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